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MINUTES <br />CITY COUNCIL <br />MAY 26, 1993 <br />Joseph's Society. Scalze pointed out that other City <br />organizations should be contacted to determine their <br />interest. <br />Vitale did not believe there were charities knocking <br />down the doors to get into bingo given recent <br />publicity. However, Vitale indicated that there is <br />money to be made in bingo for charities, the community, <br />and in concessions. <br />Krogman pointed out that TCF is not undercutting <br />Mover's Warehouse ability to do business. TCF is in <br />the business for a profit as is Mover's Warehouse. <br />Krogman also reported that TCF did not solicit this <br />type of tenant, they came to TCF initially. <br />Short stated that he did not believe it. <br />Others present confirmed the accuracy of Mr. Krogman's <br />statement. <br />Krogman pointed out that the Market Place is 50% <br />vacant. <br />Slipy stated that should the bingo hall relocate to the <br />Market Place, Mover's Warehouse building will be 50% <br />vacant. Slipy felt that competition should be fair. <br />Slipy reported that no illegalities have been committed <br />at the Mover's Warehouse site, and Mover's Warehouse <br />has been above-board on their dealings with the <br />organizations. Slipy stated that the concern is that <br />TCF can undercut Mover's Warehouse because of the <br />circumstances. <br />Krogman disagreed, pointing out that TCF wants to sell <br />the building, and the leases negotiated will have to <br />service a mortgage for the new owner. <br />Boss reported that when organizations were dealing with <br />TCF for a workable rent, the rent discussed was all <br />inclusive. Boss reported that he prepared a study <br />using an average of 13,000 square feet and came up with <br />the £ollowing figures. Rent at $250 per session all <br />inclusive based on 13,000 square feet would be $16.04 <br />per square foot, $300 would be $19.25, $335 would be <br />$21.48, and $400 would be $25.66. Boss reported the <br />bingo market can't afford rent at $25.66 per sq. foot. <br />Slipy pointed out that the organizations are leasing <br />15,000 square feet from Mover's Warehouse. The base <br />rent is $9.13 per square foot plus additional services. <br />The City Administrator reported that it appears from <br />tonight's discussion that the intent is for the <br />ordinance to continue to limit the City to one bingo <br />Page 10 <br />